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A Schumpeterian growth model: wealth and directed technological change

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  • Cristiano Antonelli

    (Università di Torino
    Collegio Carlo Alberto)

Abstract

This paper explores the effects of the accumulation of savings on the creative reaction of firms, the search for technological congruence and the direction of technological change with a Schumpeterian model of endogenous growth. The model shows how the accumulation of wealth accounts for the reduction of the relative user cost of capital and activates, with proper levels of knowledge governance, the creative reaction of firms, search for higher levels of technological congruence and the introduction of directed technological change with higher levels of capital intensity. The dynamics of accumulation of wealth and induced technological change accounts the self-sustained increase of total factor productivity.

Suggested Citation

  • Cristiano Antonelli, 2016. "A Schumpeterian growth model: wealth and directed technological change," The Journal of Technology Transfer, Springer, vol. 41(3), pages 395-406, June.
    • Handle: RePEc:kap:jtecht:v:41:y:2016:i:3:d:10.1007_s10961-015-9410-2
    DOI: 10.1007/s10961-015-9410-2
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    References listed on IDEAS

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    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Brent Neiman, 2014. "The Global Decline of the Labor Share," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 129(1), pages 61-103.
    3. Schumpeter, Joseph A., 1947. "The Creative Response in Economic History," The Journal of Economic History, Cambridge University Press, vol. 7(2), pages 149-159, November.
    4. Cristiano Antonelli & Francesco Quatraro, 2014. "The effects of biased technological changes on total factor productivity: a rejoinder and new empirical evidence," The Journal of Technology Transfer, Springer, vol. 39(2), pages 281-299, April.
    5. Cristiano Antonelli (ed.), 2011. "Handbook on the Economic Complexity of Technological Change," Books, Edward Elgar Publishing, number 13391.
    6. Daron Acemoglu, 1998. "Why Do New Technologies Complement Skills? Directed Technical Change and Wage Inequality," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 113(4), pages 1055-1089.
    7. Cristiano Antonelli & Francesco Quatraro, 2010. "The effects of biased technological change on total factor productivity: empirical evidence from a sample of OECD countries," The Journal of Technology Transfer, Springer, vol. 35(4), pages 361-383, August.
    8. Andersson, Martin & Johansson, Borje & Karlsson, Charlie & Loof, Hans (ed.), 2012. "Innovation and Growth: From R&D Strategies of Innovating Firms to Economy-wide Technological Change," OUP Catalogue, Oxford University Press, number 9780199646685.
    9. Schumpeter, Joseph A., 1947. "Theoretical Problems of Economic Growth," The Journal of Economic History, Cambridge University Press, vol. 7(S1), pages 1-9, January.
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    Cited by:

    1. Cristiano Antonelli, 2018. "Knowledge exhaustibility and Schumpeterian growth," The Journal of Technology Transfer, Springer, vol. 43(3), pages 779-791, June.
    2. Marek Loužek, . "Ekonomická teorie inovací [Economic Theory of Innovation]," Politická ekonomie, Prague University of Economics and Business, vol. 0.
    3. Antonelli, Cristiano & Scellato, Giuseppe, 2019. "Wage inequality and directed technological change: Implications for income distribution," Technological Forecasting and Social Change, Elsevier, vol. 141(C), pages 59-65.
    4. Marek Loužek, 2023. "Ekonomická teorie inovací," Politická ekonomie, Prague University of Economics and Business, vol. 2023(5), pages 619-638.
    5. Antonelli, Cristiano & Tubiana, Matteo, 2023. "The rate and direction of technological change and wealth and income inequalities in advanced countries," Technological Forecasting and Social Change, Elsevier, vol. 191(C).

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    More about this item

    Keywords

    Wealth accumulation; Technological congruence; Directed technological change;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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